Question 1

The ownership claim arising from the reinvestment of previous profits

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Question 2

Each item in a financial statement

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Question 3

The excess of revenues over expenses

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Question 4

Companies carry forward assets because they expect to recover the cost of these assets in the form of cash inflows (or reduced cash outflows) in future periods

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Question 5

Entries that record implicit transactions

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Question 6

Any event that affects the financial position of an organization and requires recording

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Question 7

An organization that joins two or more individuals together as co- owners

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Question 8

An approach that implicitly underlies the decisions about the design of accounting systems, that the potential benefits should exceed the additional costs

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Question 9

The accounting convention that justifies the omission of insignificant information when its omission or misstatement would not mislead a user of the financial statements

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Question 10

Recognizes the impact of transactions on the financial statements in the periods when revenues and expenses occur instead of when cash is received or disbursed

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Question 11

To accumulate a receivable or payable during a given period, even though no explicit transaction occurs

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Question 12

An entry on the left side of an account

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Question 13

Entity's economic obligations to nonowners

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Question 14

The group that establishes global GAAP

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Question 15

A method of record keeping in which each transaction affects at least two accounts

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Question 16

An examination or in- depth inspection of a firm's financial statement and records

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Question 17

A business entity with a single owner

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Question 18

A method of keeping track of how multitudes of transactions affect each particular asset, liability, revenue, and expense

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Question 19

By federal law, the agency with the ultimate responsibility for specifying the generally accepted accounting principles for U.S. companies whose stock is held by the general investing public

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Question 20

Accuracy supported by a high extent of consensus among independent measures of an item

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Quiz 15: Overhead Application: Variable and Absorbtion Costing